The largest developer in Jordan by market value has been hit by the global economic downturn, which has sent prices in the kingdom's once booming property sector down some 25 percent from its peak in 2008.
The company is in advanced talks with undisclosed investors and private equity firms for a syndicated loan and other funds, said Khaled Dahleh, chairman and CEO of Taameer.
"We hope the financing deals will be finalized by mid-April which will position us to inject the cash needed to complete delayed projects," Dahleh told Reuters in an interview on Tuesday.
Dahleh said the cash injection would complete a $200 million Andalusia luxury gated compound this year and finalize within a year a $67 million government-subsidized housing project and a $60 million entertainment resort in the Red Sea port of Aqaba.
Taameer, with around $500 million of assets, has been unable to tap new financing after an $85 million syndicated loan arranged by Lebanon's Blom Bank fell through in August 2008 when most regional banks became risk averse.
Taameer's prospects for fresh funding brightened when a government-appointed panel representing banks and Jordan Central Bank (CBJ) to look into needs of cash-short firms said last month the property developer was qualified for new funds that may include partial-risk guarantees.
Market expectations of an imminent decision by banks has raised the price of the share by at least 25 percent since the recommendation. Taameer's share fell 4.05 percent at close of trade on Tuesday in profit taking, dealers said.
Taameer has pinned its hopes on benefiting from initial signs of a recovery in the depressed estate market with stronger economic growth prospects in Jordan this year, Dahleh said.
Taameer also eyed growth in the Gulf region, especially the fast-growing Saudi Arabian housing market, Dahleh said.
Taameer's major shareholder is financial conglomerate United Arab Investors. Others include Saudi-based Savola Group with a 5.5 percent stake, Kuwait's Global Investment House and other Arab Gulf investors.
